vs
美泰（MAT）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是UNITED THERAPEUTICS Corp的1.1倍（$862.2M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 7.1%，领先39.0%），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs 4.3%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $-88.1M），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% vs -10.6%）
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
MAT vs UTHR — 直观对比
营收规模更大
MAT
是对方的1.1倍
$790.2M
营收增速更快
UTHR
高出3.1%
4.3%
净利率更高
UTHR
高出39.0%
7.1%
自由现金流更多
UTHR
多$261.4M
$-88.1M
两年增速更快
UTHR
近两年复合增速
-10.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $862.2M | $790.2M |
| 净利润 | $61.0M | $364.3M |
| 毛利率 | 44.9% | 86.9% |
| 营业利润率 | — | 45.1% |
| 净利率 | 7.1% | 46.1% |
| 营收同比 | 4.3% | 7.4% |
| 净利润同比 | 251.4% | 20.9% |
| 每股收益（稀释后） | $0.20 | $7.66 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MATUTHR
| Q1 26 | $862.2M | — | ||
| Q4 25 | $1.8B | $790.2M | ||
| Q3 25 | $1.7B | $799.5M | ||
| Q2 25 | $1.0B | $798.6M | ||
| Q1 25 | $826.6M | $794.4M | ||
| Q4 24 | $1.6B | $735.9M | ||
| Q3 24 | $1.8B | $748.9M | ||
| Q2 24 | $1.1B | $714.9M |
净利润MATUTHR
| Q1 26 | $61.0M | — | ||
| Q4 25 | $106.2M | $364.3M | ||
| Q3 25 | $278.4M | $338.7M | ||
| Q2 25 | $53.4M | $309.5M | ||
| Q1 25 | $-40.3M | $322.2M | ||
| Q4 24 | $140.9M | $301.3M | ||
| Q3 24 | $372.4M | $309.1M | ||
| Q2 24 | $56.9M | $278.1M |
毛利率MATUTHR
| Q1 26 | 44.9% | — | ||
| Q4 25 | 45.9% | 86.9% | ||
| Q3 25 | 50.0% | 87.4% | ||
| Q2 25 | 50.9% | 89.0% | ||
| Q1 25 | 49.4% | 88.4% | ||
| Q4 24 | 50.7% | 89.7% | ||
| Q3 24 | 53.1% | 88.9% | ||
| Q2 24 | 49.2% | 89.1% |
营业利润率MATUTHR
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | 45.1% | ||
| Q3 25 | 21.9% | 48.6% | ||
| Q2 25 | 7.7% | 45.6% | ||
| Q1 25 | -6.4% | 48.2% | ||
| Q4 24 | 9.6% | 48.6% | ||
| Q3 24 | 26.5% | 45.8% | ||
| Q2 24 | 7.7% | 44.7% |
净利率MATUTHR
| Q1 26 | 7.1% | — | ||
| Q4 25 | 6.0% | 46.1% | ||
| Q3 25 | 16.0% | 42.4% | ||
| Q2 25 | 5.2% | 38.8% | ||
| Q1 25 | -4.9% | 40.6% | ||
| Q4 24 | 8.6% | 40.9% | ||
| Q3 24 | 20.2% | 41.3% | ||
| Q2 24 | 5.3% | 38.9% |
每股收益（稀释后）MATUTHR
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.32 | $7.66 | ||
| Q3 25 | $0.88 | $7.16 | ||
| Q2 25 | $0.16 | $6.41 | ||
| Q1 25 | $-0.12 | $6.63 | ||
| Q4 24 | $0.40 | $6.23 | ||
| Q3 24 | $1.09 | $6.39 | ||
| Q2 24 | $0.17 | $5.85 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $866.0M | $2.9B |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $2.1B | $7.1B |
| 总资产 | $6.3B | $7.9B |
| 负债/权益比越低杠杆越低 | 1.11× | — |
8季度趋势，按日历期对齐
现金及短期投资MATUTHR
| Q1 26 | $866.0M | — | ||
| Q4 25 | $1.2B | $2.9B | ||
| Q3 25 | $691.9M | $2.8B | ||
| Q2 25 | $870.5M | $3.0B | ||
| Q1 25 | $1.2B | $3.3B | ||
| Q4 24 | $1.4B | $3.3B | ||
| Q3 24 | $723.5M | $3.3B | ||
| Q2 24 | $722.4M | $3.0B |
总债务MATUTHR
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益MATUTHR
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $7.1B | ||
| Q3 25 | $2.3B | $6.6B | ||
| Q2 25 | $2.2B | $7.2B | ||
| Q1 25 | $2.1B | $6.8B | ||
| Q4 24 | $2.3B | $6.4B | ||
| Q3 24 | $2.3B | $6.1B | ||
| Q2 24 | $2.0B | $5.7B |
总资产MATUTHR
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.6B | $7.9B | ||
| Q3 25 | $6.6B | $7.4B | ||
| Q2 25 | $6.2B | $7.9B | ||
| Q1 25 | $6.2B | $7.7B | ||
| Q4 24 | $6.5B | $7.4B | ||
| Q3 24 | $6.5B | $7.1B | ||
| Q2 24 | $5.9B | $6.7B |
负债/权益比MATUTHR
| Q1 26 | 1.11× | — | ||
| Q4 25 | 1.04× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.18× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $-88.1M | $173.3M |
| 自由现金流率自由现金流/营收 | -10.2% | 21.9% |
| 资本支出强度资本支出/营收 | 7.6% | 21.9% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流MATUTHR
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $346.2M | ||
| Q3 25 | $72.0M | $562.1M | ||
| Q2 25 | $-300.1M | $191.7M | ||
| Q1 25 | $24.8M | $461.2M | ||
| Q4 24 | $862.1M | $341.2M | ||
| Q3 24 | $155.8M | $377.2M | ||
| Q2 24 | $-252.9M | $232.2M |
自由现金流MATUTHR
| Q1 26 | $-88.1M | — | ||
| Q4 25 | — | $173.3M | ||
| Q3 25 | — | $351.6M | ||
| Q2 25 | — | $129.5M | ||
| Q1 25 | — | $386.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | — | $300.7M | ||
| Q2 24 | — | $187.1M |
自由现金流率MATUTHR
| Q1 26 | -10.2% | — | ||
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 44.0% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | 48.6% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | — | 40.2% | ||
| Q2 24 | — | 26.2% |
资本支出强度MATUTHR
| Q1 26 | 7.6% | — | ||
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 26.3% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 10.2% | ||
| Q2 24 | — | 6.3% |
现金转化率MATUTHR
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | 0.95× | ||
| Q3 25 | 0.26× | 1.66× | ||
| Q2 25 | -5.62× | 0.62× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | 6.12× | 1.13× | ||
| Q3 24 | 0.42× | 1.22× | ||
| Q2 24 | -4.45× | 0.83× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MAT
暂无分部数据
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
